Canada’s economy: A rough ride

A recession may already have started. For the government, which is facing an election, the timing could not be worse

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OTTAWA

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THERE are many ways for a government to spin the news that the economy it manages may have entered a recession. Stephen Harper, Canada’s Conservative prime minister tried breeziness. “I’ve seen a lot worse,” he said at the Calgary Stampede, a rodeo that attracts about 1m visitors (pictured). Joe Oliver, the finance minister, went for stubborn optimism. “We are going to see solid economic growth this year,” he insisted.
The numbers argue against him. The economy contracted at an annual rate of 0.6% in the first quarter of this year. The second was no better, says Emanuella Enenajor, an economist at Bank of America. If so, the economy was technically in recession. This …<div class="og_rss_groups"></div>